1. Except as otherwise provided in subsection 2, any holder of a certificate of registration which has expired through failure to be renewed may obtain a renewal of such certificate, at any time within 1 year from the date of its expiration, upon application to and with the approval of the Board. The time for renewal of such expired certificate may be extended at the discretion of the Board.
2. The Board may, by regulation, provide for the late renewal of a certificate of registration which has not been renewed within 1 year after the date of its expiration.